Renaissance U.S. Equity Private Pool · Eli Lilly and Co., ... pharmaceutical stocks, ......

Renaissance U.S. Equity Private Pool

Interim Management Report of Fund Performance

for the period ended February 28, 2018

All figures are reported in Canadian dollars unless otherwise noted.

This interim management report of fund performance contains financial highlights but does not contain either the complete interim or annual

financial statements of the investment fund. If you have not received a copy of the interim financial reports with this interim management report of

fund performance, you can get a copy of the interim financial reports or annual financial statements at your request, and at no cost, by calling us

toll-free at 1-888-888-3863, by writing to us at Renaissance Investments, 1500 Robert-Bourassa Boulevard, Suite 800, Montreal, QC, H3A 3S6, by

visiting the SEDAR website at sedar.com, or by visiting renaissanceinvestments.ca.

Unitholders may also contact us using one of these methods to request a copy of the investment fund’s proxy voting policies and procedures, proxy

voting disclosure record, or quarterly portfolio disclosure.

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Management Discussion of Fund Performance.

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Results of Operations

INTECH Investment Management LLC (INTECH), Rothschild Asset

Management Inc. (Rothschild), Sustainable Growth Advisers, LP

(SGA), Morgan Stanley Investment Management Inc. (Morgan

Stanley) and Pzena Investment Management, LLC (Pzena) provide

investment advice and investment management services to

Renaissance U.S. Equity Private Pool (the Pool). These portfolio

sub-advisors use different investment styles and the percentage of the

Pool allocated to each portfolio sub-advisor may change from time to

time.

l INTECH: Large Cap, Core, approximately 30%

l Rothschild: Large Cap, Traditional Value, approximately 25%

l SGA: Large Cap, Sustainable Growth, approximately 20%

l Morgan Stanley: Opportunistic Growth, approximately 15%

l Pzena: Large Cap, Deep Value, approximately 10%

The commentary that follows provides a summary of the results of

operations for the six-month period ended February 28, 2018. All

dollar figures are expressed in thousands, unless otherwise indicated.

The Pool's net asset value increased by 2% during the period, from

$205,644 as at August 31, 2017 to $210,001 as at February 28, 2018.

Positive investment performance was partially offset by rebalancing

and net redemptions of $24,011 in the period, resulting in an overall

increase in net asset value.

Class A units of the Pool posted a return of 13.4% for the period. The

Pool’s benchmark, the S&P 500 Index (the benchmark), returned

13.3% for the same period. The Pool’s return is after the deduction of

fees and expenses, unlike the benchmark’s return. See Past

Performance for the returns of other classes of units offered by the

Pool.

After a lengthy period of stability, market volatility returned early in

2018, as equity markets experienced their first decline of more than

10% since early 2016. Following the market correction, equities

rebounded, gaining back most of the losses. Despite the sell-off, U.S.

equity markets recorded strong gains for the period. The financials and

information technology sectors were the strongest performers, with

utilities, real estate and consumer staples the only sectors to record

negative returns.

In the Pool’s Large Cap, Core component, a moderate underweight

allocation to the consumer staples sector contributed to performance.

Stock selection in the industrials, health care and information

technology sectors also contributed. Individual contributors to the

component’s performance included Micron Technology Inc., The

Boeing Co. and Applied Materials Inc., all of which posted strong

returns.

The component’s average underweight allocation to

mega-capitalization stocks and overweight exposure to small-cap

stocks detracted from performance. On average, larger-cap stocks

outperformed smaller-cap stocks. A moderate overweight allocation to

the real estate and utilities sectors, which were the two weakest

performers during the period, detracted from relative performance.

Individual detractors included underweight allocations to Amazon.com

Inc., Microsoft Corp. and JPMorgan Chase & Co., which all posted

strong returns.

In the Pool’s Large Cap, Traditional Value component, stock selection

and sector allocation contributed to performance. An underweight

allocation to General Electric Co. contributed to performance as the

company’s stock declined sharply after the announcement of

significant downward earnings revisions and a dividend cut. Other

individual contributors included Northrop Grumman Corp., which

benefited from its acquisition of Orbital ATK, and Bank of America

Corp., which reported better-than expected earnings.

Stock selection in the consumer discretionary and health care sectors

detracted from the component’s performance. A moderate overweight

exposure to the industrials sector and a slight underweight allocation

to the financials sector detracted from performance. Individual

detractors included Celgene Corp. and Edison International. Celgene

announced a failure in the development of its ulcerative colitis drug.

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The stock has been eliminated from the component. Edison

International saw its shares decline as a unique legal doctrine in

California could potentially create a significant liability for the company

in the wake of wildfires.

Rothschild added several new holdings to the component. Verizon

Communications Inc. had underperformed during the year, in part

because of wireless competition. The stock was re-purchased in

November based on the presumption that it has ample room to pay its

dividend, invest in growth and pursue its 5G strategy. Air Products and

Chemicals Inc. was purchased based on improved industrial

production and capital expenditure in the industrial gas sub-sector.

eBay Inc. was added for its stable and improving fundamentals.

The component’s Cisco Systems Inc. holding was increased as

Rothschild believes its prospects have improved. The Procter &

Gamble Co. was increased after the company restructured, and The

Walt Disney Co. was increased as its valuation significantly improved.

WestRock Co. was eliminated from the component following strong

performance. Cummins Inc. was exited in favour of Deere & Co. and

Caterpillar Inc., which have more growth potential. Hewlett Packard

Enterprise Co. (HP) was sold in favour of ON Semiconductor Corp.

DowDuPont Inc. was trimmed to reduce the component’s overweight

exposure to chemical companies. Parker Hannifin Corp. was reduced

to take profits. A large overweight allocation to Bank of America was

slightly trimmed after good performance.

In the Pool’s Large Cap, Sustainable Growth component, overweight

exposures to the consumer discretionary and information technology

sectors contributed to performance. A slight underweight allocation to

the consumer staples sector also contributed, as did stock selection in

the industrials, energy and consumer staples sectors.

Individual contributors included FleetCor Technologies Inc., Red Hat

Inc. and Nike Inc. FleetCor reported attractive growth across its

lodging, toll and payment portfolios. Red Hat announced the

acquisition of CoreOS. Nike’s stock rose after it announced its

long-term growth projections at its analyst day.

The component’s stock selection detracted from performance,

particularly in the health care, consumer discretionary and information

technology sectors. A large underweight allocation to the financials

sector also detracted from performance.

Individual detractors included Regeneron Pharmaceuticals Inc.,

Chipotle Mexican Grill Inc. and Equinix Inc. Regeneron’s stock was

weak as data from its Eylea follow-on compound disappointed in its

second-phase results. Chipotle was impacted by lower customer traffic

trends and continued allegations of food quality issues. Equinix came

under pressure from rising interest rates.

SGA purchased Yum! Brands Inc. for its global reach and franchise

structure. Walt Disney was added after it announced the acquisition of

certain Fox assets. Praxair Inc. was purchased for its potential growth

following its merger with Linde AG. The component’s holdings in

Amazon.com, Autodesk Inc. and Novo Nordisk AS were increased on

recent share price weakness.

State Street Corp. was eliminated from the component after strong

performance following the 2016 presidential election. Chipotle was

sold in favour of other opportunities. Core Laboratories NV was exited

following weaker-than-expected 2018 forecasts. Facebook Inc. and

UnitedHealth Group Inc. were trimmed on share price strength, while

Mondelez International Inc. was reduced amid concerns regarding its

growth prospects.

In the Pool’s Opportunistic Growth component, stock selection in the

information technology, consumer discretionary and health care

sectors contributed to performance. Individual contributors included

Amazon.com, Twitter Inc. and salesforce.com inc. Amazon.com

reported accelerating growth in its e-commerce, web services,

advertising and subscription businesses. Twitter posted improved

profitability and daily average user growth metrics, while

salesforce.com reported stronger-than-expected billings growth and

margin expansion.

A significant underweight allocation to the financials sector detracted

from the component’s performance. Stock selection in the materials

and financials sector also detracted from performance. Individual

detractors included Dexcom Inc., amid increased competition,

athenahealth Inc., because of fears over declining customers in the

hospital market, and Intrexon Corp., which was impacted by lower

market optimism for its mosquito solution to combat the Zika virus.

Morgan Stanley made several trades based on their assessment of

the relative risk/reward profile of each holding. New holdings in Adobe

Systems Inc., TransDigm Group Inc. and Union Pacific Corp. were

added, while Twitter, Dexcom and United Technologies Corp. were

increased. Tesla Motors Inc., Alibaba Group Holding Inc. and Juno

Therapeutics Inc. were eliminated. The component’s holdings in

Amazon.com, Facebook and NVIDIA Corp. were reduced.

In the Pool’s Large Cap, Deep Value component, stock selection in

the health care sector added the most value. A significant underweight

exposure to the utilities sector also contributed to performance. Top

individual contributors to performance included HP, which reported

good growth, Mylan NV, which benefited from the approval of several

key products, and Voya Financial Inc., which improved its risk profile

by announcing the sale of its variable annuity book.

Stock selection in the information technology sector detracted from the

component’s performance. Individual detractors included Franklin

Resources Inc., Axis Capital Holdings Ltd. and American International

Group Inc. (AIG). Franklin Resources was impacted by higher

expenses and weak investment performance across its funds. Axis

Capital Holdings experienced losses from hurricanes Harvey, Irma and

Maria, and two earthquakes in Mexico. AIG was also affected by

hurricane losses.

Pzena purchased Wells Fargo & Co. amid stock price weakness,

believing there will be little impact on the company from recent

regulatory scrutiny. Edison International was added as its share price

declined on fears of liability from fires in Southern California. The

component’s existing holdings in Ford Motor Co. and The Interpublic

Group of Cos. Inc. were increased on relative share price weakness.

Hilton Worldwide Holdings Inc., Cigna Corp. and Parker Hannifin were

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eliminated as they approached fair value. Walmart Inc. and Bank of

America were trimmed as their share prices rose.

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Recent Developments

Effective September 1, 2017, the minimum investment amount in

respect of Premium Class, Premium-T4 Class, Premium-T6 Class,

Class H-Premium, Class H-Premium T4, Class H-Premium T6, Class

F-Premium, Class F-Premium T4, Class F-Premium T6, Class

FH-Premium, Class FH-Premium T4, Class FH-Premium T6, Class

N-Premium, Class N-Premium T4, Class N-Premium T6, Class

NH-Premium, Class NH-Premium T4, and Class NH-Premium T6

units of the Pool was reduced from $150,000 to $100,000.

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Related Party Transactions

CIBC and its affiliates have the following roles and responsibilities

with respect to the Pool, and receive the fees described below in

connection with their roles and responsibilities.

Manager, Trustee, and Portfolio Advisor of the Pool

CAMI, a wholly-owned subsidiary of CIBC, is the Pool's Manager,

Trustee, and Portfolio Advisor. CAMI receives management fees with

respect to the Pool's day-to-day business and operations, calculated

based on the net asset value of each respective class of units of the

Pool as described in Management Fees. As Trustee, CAMI holds title

to the Pool's property (cash and securities) on behalf of its unitholders.

As Portfolio Advisor, CAMI provides, or arranges to provide,

investment advice and portfolio management services to the Pool.

CAMI also compensates dealers in connection with their marketing

activities regarding the Pool. From time to time, CAMI may invest in

units of the Pool.

Distributor

Class A, C and I units of the Pool may be purchased only through

CIBC Wood Gundy, a division of CIBC World Markets Inc. (CIBC

WM). Other classes of units of the Pool may be purchased through

dealers and other firms, including CAMI's related dealers such as the

CIBC Investor's Edge discount brokerage division of CIBC Investor

Services Inc. (CIBC ISI), the CIBC Imperial Service division of CIBC

ISI, and CIBC WM. CIBC ISI and CIBC WM are wholly-owned

subsidiaries of CIBC. CAMI may pay sales commissions and trailing

commissions to the dealers in connection with the sale of units of the

Pool. These dealers and other firms may pay a portion of these sales

commissions and trailing commissions to their advisors who sell units

of the Pool to investors.

Brokerage Arrangements and Soft Dollars

Portfolio Advisor and any portfolio sub-advisors make decisions,

including the selection of markets and dealers and the negotiation of

commissions, with respect to the purchase and sale of portfolio

securities, certain derivative products and the execution of portfolio

transactions. Brokerage business may be allocated by the Portfolio

Advisor and any portfolio sub-advisors, to CIBC WM and CIBC World

Markets Corp., each a subsidiary of CIBC. CIBC WM and CIBC World

Markets Corp. may also earn spreads on the sale of fixed income

securities, other securities and certain derivative products to the Pool.

A spread is the difference between the bid and ask prices for a

security in the applicable marketplace, with respect to the execution of

portfolio transactions. The spread will differ based upon various

factors such as the nature and liquidity of the security.

CIBC WM and CIBC World Markets Corp. may furnish goods and

services, other than order execution, to portfolio sub-advisors when

they process trades through them (referred to in the industry as “soft

dollar” arrangements). These goods and services assist portfolio

sub-advisors with their investment decision-making services for the

Pool or relate directly to the execution of portfolio transactions on

behalf of the Pool. In accordance with the terms of the sub-advisory

agreements, such soft-dollar arrangements are in compliance with

applicable laws.

In addition, CAMI may enter into commission recapture arrangements

with certain dealers with respect to the Pool. Any commission

recaptured will be paid to the Pool.

During the period, the Pool did not pay any brokerage commissions or

other fees to CIBC WM or CIBC World Markets Corp. Spreads

associated with fixed income and other securities are not

ascertainable and, for that reason, cannot be included when

determining these amounts.

Pool Transactions

The Pool may enter into one or more of the following transactions (the

Related Party Transactions) in reliance on the standing instructions

issued by the Independent Review Committee (IRC):

l invest in or hold equity securities of CIBC or issuers related to a

portfolio sub-advisor;

l invest in or hold non-exchange-traded debt securities of CIBC or an

issuer related to CIBC in a primary offering and in the secondary

market;

l make an investment in the securities of an issuer for which CIBC

WM, CIBC World Markets Corp., or any affiliate of CIBC (a Related

Dealer) acts as an underwriter during the offering of the securities

at any time during the 60-day period following the completion of the

offering of such securities (in the case of a “private placement”

offering, in accordance with the exemptive relief order granted by

the Canadian securities regulatory authorities and in accordance

with the policies and procedures relating to such investment);

l purchase equity or debt securities from or sell them to a Related

Dealer, where it is acting as principal;

l undertake currency and currency derivative transactions where a

Related Dealer is the counterparty; and

l purchase securities from or sell securities to another investment

fund or a managed account managed by the Manager or an affiliate

of the Manager.

At least annually, the IRC reviews the Related Party Transactions for

which they have issued standing instructions. The IRC is required to

advise the Canadian securities regulatory authorities, after a matter

has been referred to or reported to it by the Manager, if it determines

that an investment decision was not made in accordance with

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conditions imposed by securities legislation or the IRC in any Related

Party Transactions requiring its approval.

Custodian

CIBC Mellon Trust Company is the custodian of the Pool (the

Custodian). The Custodian holds all cash and securities for the Pool

and ensures that those assets are kept separate from any other cash

or securities that the custodian might be holding. The Custodian also

provides other services to the Pool including record-keeping and

processing foreign exchange transactions. The fees and spreads for

the services of the Custodian directly related to the execution of

portfolio transactions by the Pool are paid by CAMI and/or dealer(s)

directed by CAMI, up to the amount of the credits generated under

soft dollar arrangements from trading on behalf of the Pool during that

month. All other fees and spreads for the services of the

Custodian are paid by the Manager and charged to the Pool on a

recoverable basis. CIBC owns a 50% interest in the Custodian.

Service Provider

CIBC Mellon Global Securities Services Company (CIBC GSS)

provides certain services to the Pool, including securities lending, fund

accounting and reporting, and portfolio valuation. Such servicing fees

are paid by the Manager and charged to the Pool on a recoverable

basis. CIBC indirectly owns a 50% interest in CIBC GSS.

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Financial Highlights

The following tables show selected key financial information about the Pool and are intended to help you understand the Pool’s financial

performance for the period ended February 28, 2018 and August 31 of any other period(s) shown.

The Pool's Net Assets per Unit¹ - Class A Units

2018 2017 2016 2015 2014 2013

Net Assets, beginning of period $ 13.48 $ 12.19 $ 11.65 $ 9.70 $ 7.88 $ 6.35

Increase (decrease) from operations:

Total revenue $ 0.06 $ 0.28 $ 0.21 $ 0.23 $ 0.16 $ 0.12

Total expenses (0.18) (0.34) (0.37) (0.34) (0.28) (0.20)

Realized gains (losses) for the period 0.94 2.32 1.49 2.37 1.31 0.83

Unrealized gains (losses) for the period 0.99 (0.88) (0.83) (0.21) 0.71 0.77

Total increase (decrease) from operations2

$ 1.81 $ 1.38 $ 0.50 $ 2.05 $ 1.90 $ 1.52

Distributions:

From income (excluding dividends) $ – $ – $ – $ – $ – $ –

Fromdividends – – – – – –

From capital gains – – – – – –

Return of capital – – – – – –

Total Distributions3

$ – $ – $ – $ – $ – $ –

Net Assets, end of period $ 15.28 $ 13.48 $ 12.19 $ 11.65 $ 9.70 $ 7.88

1This information is derived from the Pool's audited annual and unaudited interim financial statements. The Pool adopted IFRS on September 1, 2014. Previously, the Pool prepared its financial

statements in accordance with Canadian Generally Accepted Accounting Principles (GAAP) as defined in Part V of the CPA Canada Handbook. Under Canadian GAAP, the Pool measured fair

values of its investments in accordance with CICA Handbook Section 3855 which required the use of bid prices for long positions and ask prices for short positions. As such, the net assets per

unit figure presented in the financial statements differs from the net asset value calculated for fund pricing purposes. An explanation of these differences can be found in the notes to the

financial statements prior to September 1, 2014. Upon adoption of IFRS, the Pool measures the fair value of its investments by using the close market prices, where the close market price falls

within the bid-ask spread. As such, the Pool's accounting policies for measuring the fair value of investments in the financial statements are consistent with those used in measuring the net asset

value for transactions with unitholders. Accordingly, the opening net asset figure as at September 1, 2013 reflects the adjusted amount in accordance with IFRS. All figures presented for periods

prior to September 1, 2013 were prepared in accordance with Canadian GAAP.

2Net assets and distributions are based on the actual number of units outstanding at the relevant time. The total increase (decrease) from operations is based on the weighted average number of

units outstanding during the period.

3Distributions were paid in cash, reinvested in additional units of the Pool, or both.

Ratios and Supplemental Data - Class A Units

2018 2017 2016 2015 2014 2013

Total Net Asset Value (000s)4

$ 54,206 $ 54,348 $ 70,483 $ 77,447 $ 80,443 $ 84,033

Number of Units Outstanding4

3,546,957 4,032,319 5,779,723 6,645,263 8,294,421 10,661,567

Management Expense Ratio5

2.26%* 2.26% 2.82% 2.81% 2.80% 2.81%

Management Expense Ratio before waivers or

absorptions6

2.42%* 2.49% 3.02% 2.98% 3.01% 2.81%

Trading Expense Ratio7

0.06%* 0.06% 0.06% 0.06% 0.05% 0.11%

Portfolio Turnover Rate8

28.23% 85.13% 54.01% 56.31% 44.90% 82.46%

Net Asset Value per Unit $ 15.28 $ 13.48 $ 12.19 $ 11.65 $ 9.70 $ 7.88

*Ratio has been annualized.

4This information is presented as at February 28, 2018 and August 31 of the period(s) shown.

5Management expense ratio is based on the total expenses of the fund (excluding commissions and other portfolio transaction costs), incurred by or allocated to a class of units for the period

shown, expressed as an annualized percentage of the daily average net asset value of that class during the period.

6The decision to waive and/or absorb management fees and operating expenses is at the discretion of the Manager. The practice of waiving and/or absorbing management fees and operating

expenses may continue indefinitely or may be terminated at any time without notice to unitholders.

7The trading expense ratio represents total commissions and other portfolio transaction costs before income taxes expressed as an annualized percentage of the daily average net asset value

during the period. Spreads associated with fixed income securities trading are not ascertainable and, for that reason, are not included in the trading expense ratio calculation.

8The portfolio turnover rate indicates how actively the portfolio advisor and/or portfolio sub-advisor manages the portfolio investments. A portfolio turnover rate of 100% is equivalent to a fund

buying and selling all of the securities in its portfolio once in the course of the period. The higher a portfolio turnover rate in a period, the greater the trading costs payable by a fund in the period,

and the greater the chance of an investor receiving taxable capital gains in the year. There is not necessarily a relationship between a high turnover rate and the performance of a fund.

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The Pool's Net Assets per Unit¹ - Premium Class Units

2018 2017 2016a

Net Assets, beginning of period $ 11.33 $ 10.28 $ 10.00b


Total revenue $ 0.06 $ 0.23 $ 0.05

Total expenses (0.13) (0.24) (0.06)

Realized gains (losses) for the period 0.80 1.93 0.48

Unrealized gains (losses) for the period 0.32 (0.80) (0.19)


$ 1.05 $ 1.12 $ 0.28

Distributions:

From income (excluding dividends) $ – $ 0.05 $ –

Fromdividends – – –

From capital gains – – –

Return of capital – – –


$ – $ 0.05 $ –

Net Assets, end of period $ 12.88 $ 11.33 $ 10.28

aInformation presented is for the period from May 31, 2016 to August 31, 2016.

bInitial offering price.

1This information is derived from the Pool's audited annual and unaudited interim financial statements.




Ratios and Supplemental Data - Premium Class Units

2018 2017 2016a


$ 1,948 $ 113 $ 101


151,301 9,915 9,851


1.87%* 1.99% 2.20%*


absorptions6

2.15%* 2.31% 2.29%*


0.06%* 0.06% 0.06%


28.23% 85.13% 54.01%

Net Asset Value per Unit $ 12.88 $ 11.33 $ 10.28













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The Pool's Net Assets per Unit¹ - Premium-T4 Class Units

2018 2017 2016a



Total revenue $ (0.01) $ 0.14 $ –

Total expenses (0.10) (0.23) (0.05)




$ 1.36 $ 0.97 $ 0.24

Distributions:

From income (excluding dividends) $ 0.08 $ 0.43 $ 0.10



Return of capital 0.14 – –


$ 0.22 $ 0.43 $ 0.10








Ratios and Supplemental Data - Premium-T4 Class Units

2018 2017 2016a


$ – $ – $ –


2 2 2


1.90%* 2.00% 2.20%*


absorptions6

2.03%* 2.03% 2.20%*


0.06%* 0.06% 0.06%


28.23% 85.13% 54.01%














8


The Pool's Net Assets per Unit¹ - Premium-T6 Class Units

2018 2017 2016a



Total revenue $ (0.01) $ 0.14 $ –

Total expenses (0.10) (0.23) (0.05)




$ 1.33 $ 0.96 $ 0.24

Distributions:




Return of capital 0.21 0.06 –


$ 0.32 $ 0.62 $ 0.15








Ratios and Supplemental Data - Premium-T6 Class Units

2018 2017 2016a


$ – $ – $ –


3 2 2


1.90%* 2.00% 2.20%*


absorptions6

2.03%* 2.03% 2.20%*


0.06%* 0.06% 0.06%


28.23% 85.13% 54.01%














9


The Pool's Net Assets per Unit¹ - Class H-Premium Units

2018 2017 2016a



Total revenue $ 0.16 $ 0.30 $ 0.03

Total expenses (0.16) (0.26) (0.05)




$ 1.07 $ 1.20 $ 0.20

Distributions:

From income (excluding dividends) $ – $ 0.09 $ –





$ – $ 0.09 $ –








Ratios and Supplemental Data - Class H-Premium Units

2018 2017 2016a


$ – $ – $ –


1 1 1


1.90%* 2.00% 2.20%*


absorptions6

2.03%* 2.03% 2.20%*


0.06%* 0.06% 0.06%


28.23% 85.13% 54.01%














10


The Pool's Net Assets per Unit¹ - Class H-Premium T4 Units

2018 2017 2016a



Total revenue $ 0.06 $ 0.36 $ 0.03

Total expenses (0.12) (0.26) (0.05)




$ 0.93 $ 1.20 $ 0.20

Distributions:






$ 0.21 $ 0.47 $ 0.10








Ratios and Supplemental Data - Class H-Premium T4 Units

2018 2017 2016a


$ – $ – $ –


1 1 1


1.90%* 2.00% 2.20%*


absorptions6

2.03%* 2.03% 2.20%*


0.06%* 0.06% 0.06%


28.23% 85.13% 54.01%














11


The Pool's Net Assets per Unit¹ - Class H-Premium T6 Units

2018 2017 2016a



Total revenue $ 0.12 $ 0.28 $ 0.03

Total expenses (0.14) (0.25) (0.05)




$ 0.96 $ 1.15 $ 0.20

Distributions:






$ 0.31 $ 0.60 $ 0.15








Ratios and Supplemental Data - Class H-Premium T6 Units

2018 2017 2016a


$ – $ – $ –


1 1 1


1.90%* 2.00% 2.20%*


absorptions6

2.03%* 2.03% 2.20%*


0.06%* 0.06% 0.06%


28.23% 85.13% 54.01%














12


The Pool's Net Assets per Unit¹ - Class C Units

2018 2017 2016 2015 2014 2013



Total revenue $ 0.08 $ 0.37 $ 0.28 $ 0.31 $ 0.21 $ 0.14

Total expenses (0.22) (0.42) (0.37) (0.35) (0.27) (0.19)




$ 2.44 $ 1.90 $ 0.81 $ 2.69 $ 2.44 $ 2.12

Distributions:

From income (excluding dividends) $ – $ – $ – $ – $ – $ –





$ – $ – $ – $ – $ – $ –













Ratios and Supplemental Data - Class C Units

2018 2017 2016 2015 2014 2013


$ 4,746 $ 5,193 $ 6,291 $ 7,341 $ 6,076 $ 4,555


233,319 289,728 388,596 477,920 478,812 444,935


2.08%* 2.08% 2.09% 2.09% 2.07% 2.05%


absorptions6

2.28%* 2.32% 2.32% 2.31% 2.34% 2.21%


0.06%* 0.06% 0.06% 0.06% 0.05% 0.11%


28.23% 85.13% 54.01% 56.31% 44.90% 82.46%













13


The Pool's Net Assets per Unit¹ - Class I Units

2018 2017 2016 2015 2014 2013



Total revenue $ 0.10 $ 0.42 $ 0.31 $ 0.34 $ 0.23 $ 0.15

Total expenses (0.13) (0.24) (0.21) (0.20) (0.16) (0.07)




$ 2.88 $ 2.45 $ 1.21 $ 3.13 $ 2.68 $ 1.39

Distributions:

From income (excluding dividends) $ 0.13 $ 0.11 $ 0.11 $ 0.08 $ 0.06 $ –





$ 0.13 $ 0.11 $ 0.11 $ 0.08 $ 0.06 $ –













Ratios and Supplemental Data - Class I Units

2018 2017 2016 2015 2014 2013


$ 1,196 $ 1,577 $ 1,260 $ 1,398 $ 1,136 $ 899


52,829 79,029 70,288 82,710 81,852 80,811


0.94%* 0.94% 0.93% 0.92% 0.96% 0.94%


absorptions6

1.14%* 1.18% 1.14% 1.13% 1.17% 1.02%


0.06%* 0.06% 0.06% 0.06% 0.05% 0.11%


28.23% 85.13% 54.01% 56.31% 44.90% 82.46%













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The Pool's Net Assets per Unit¹ - Class F-Premium Units

2018 2017 2016a



Total revenue $ 0.05 $ 0.24 $ 0.04

Total expenses (0.06) (0.13) (0.04)


Unrealized gains (losses) for the period 0.83 (0.82) 0.36


$ 1.62 $ 1.38 $ 0.76

Distributions:

From income (excluding dividends) $ 0.03 $ 0.10 $ –





$ 0.03 $ 0.10 $ –








Ratios and Supplemental Data - Class F-Premium Units

2018 2017 2016a


$ 595 $ 532 $ 92


45,716 46,575 8,949


0.84%* 1.00% 1.22%*


absorptions6

0.98%* 1.08% 1.22%*


0.06%* 0.06% 0.06%


28.23% 85.13% 54.01%














15


The Pool's Net Assets per Unit¹ - Class F-Premium T4 Units

2018 2017 2016a



Total revenue $ (0.01) $ 0.14 $ –

Total expenses (0.05) (0.13) (0.03)




$ 1.46 $ 1.07 $ 0.26

Distributions:






$ 0.22 $ 0.47 $ 0.10








Ratios and Supplemental Data - Class F-Premium T4 Units

2018 2017 2016a


$ – $ – $ –


2 2 2


0.90%* 1.00% 1.20%*


absorptions6

1.03%* 1.03% 1.20%*


0.06%* 0.06% 0.06%


28.23% 85.13% 54.01%














16


The Pool's Net Assets per Unit¹ - Class F-Premium T6 Units

2018 2017 2016a



Total revenue $ 0.27 $ 0.14 $ –

Total expenses (0.15) (0.13) (0.03)




$ 4.28 $ 1.08 $ 0.26

Distributions:






$ 0.32 $ 0.62 $ 0.15








Ratios and Supplemental Data - Class F-Premium T6 Units

2018 2017 2016a


$ – $ – $ –


3 2 2


0.90%* 1.00% 1.20%*


absorptions6

1.03%* 1.03% 1.20%*


0.06%* 0.06% 0.06%


28.23% 85.13% 54.01%














17


The Pool's Net Assets per Unit¹ - Class FH-Premium Units

2018 2017 2016a



Total revenue $ 0.20 $ 3.10 $ 0.03

Total expenses (0.11) (0.55) (0.03)




$ 1.25 $ 1.45 $ 0.22

Distributions:






$ 0.04 $ 0.10 $ –








Ratios and Supplemental Data - Class FH-Premium Units

2018 2017 2016a


$ 87 $ 99 $ –


6,820 8,568 1


0.90%* 0.99% 1.20%*


absorptions6

1.10%* 1.21% 1.20%*


0.06%* 0.06% 0.06%


28.23% 85.13% 54.01%














18


The Pool's Net Assets per Unit¹ - Class FH-Premium T4 Units

2018 2017 2016a



Total revenue $ 0.06 $ 0.30 $ 0.03

Total expenses (0.07) (0.15) (0.03)




$ 1.05 $ 1.24 $ 0.22

Distributions:






$ 0.21 $ 0.49 $ 0.10








Ratios and Supplemental Data - Class FH-Premium T4 Units

2018 2017 2016a


$ – $ – $ –


1 1 1


0.90%* 1.00% 1.20%*


absorptions6

1.03%* 1.03% 1.20%*


0.06%* 0.06% 0.06%


28.23% 85.13% 54.01%














19


The Pool's Net Assets per Unit¹ - Class FH-Premium T6 Units

2018 2017 2016a



Total revenue $ 0.08 $ 0.26 $ (0.02)

Total expenses (0.08) (0.14) (0.02)




$ 1.00 $ 1.24 $ 0.18

Distributions:






$ 0.31 $ 0.60 $ 0.15








Ratios and Supplemental Data - Class FH-Premium T6 Units

2018 2017 2016a


$ – $ – $ –


1 1 1


0.90%* 1.00% 1.20%*


absorptions6

1.03%* 1.03% 1.20%*


0.06%* 0.06% 0.06%


28.23% 85.13% 54.01%














20


The Pool's Net Assets per Unit¹ - Class N-Premium Units

2018 2017 2016a



Total revenue $ (0.01) $ 0.15 $ –

Total expenses (0.05) (0.13) (0.03)




$ 1.56 $ 1.15 $ 0.26

Distributions:






$ 0.05 $ 0.10 $ –








Ratios and Supplemental Data - Class N-Premium Units

2018 2017 2016a


$ – $ – $ –


2 2 2


0.90%* 1.00% 1.20%*


absorptions6

1.03%* 1.03% 1.20%*


0.06%* 0.06% 0.06%


28.23% 85.13% 54.01%














21


The Pool's Net Assets per Unit¹ - Class N-Premium T4 Units

2018 2017 2016a



Total revenue $ (0.01) $ 0.14 $ –

Total expenses (0.05) (0.13) (0.03)




$ 1.46 $ 1.07 $ 0.26

Distributions:






$ 0.22 $ 0.47 $ 0.10








Ratios and Supplemental Data - Class N-Premium T4 Units

2018 2017 2016a


$ – $ – $ –


2 2 2


0.90%* 1.00% 1.20%*


absorptions6

1.03%* 1.03% 1.20%*


0.06%* 0.06% 0.06%


28.23% 85.13% 54.01%














22


The Pool's Net Assets per Unit¹ - Class N-Premium T6 Units

2018 2017 2016a



Total revenue $ (0.01) $ 0.14 $ –

Total expenses (0.04) (0.13) (0.03)




$ 1.45 $ 1.08 $ 0.26

Distributions:






$ 0.32 $ 0.62 $ 0.15








Ratios and Supplemental Data - Class N-Premium T6 Units

2018 2017 2016a


$ – $ – $ –


3 2 2


0.90%* 1.00% 1.20%*


absorptions6

1.03%* 1.03% 1.20%*


0.06%* 0.06% 0.06%


28.23% 85.13% 54.01%














23


The Pool's Net Assets per Unit¹ - Class NH-Premium Units

2018 2017 2016a



Total revenue $ 0.11 $ 0.31 $ 0.03

Total expenses (0.10) (0.15) (0.03)




$ 1.12 $ 1.28 $ 0.22

Distributions:






$ 0.05 $ 0.10 $ –








Ratios and Supplemental Data - Class NH-Premium Units

2018 2017 2016a


$ – $ – $ –


1 1 1


0.90%* 1.00% 1.20%*


absorptions6

1.03%* 1.03% 1.20%*


0.06%* 0.06% 0.06%


28.23% 85.13% 54.01%














24


The Pool's Net Assets per Unit¹ - Class NH-Premium T4 Units

2018 2017 2016a



Total revenue $ 0.06 $ 0.30 $ 0.03

Total expenses (0.07) (0.15) (0.03)




$ 1.05 $ 1.24 $ 0.22

Distributions:






$ 0.21 $ 0.49 $ 0.10








Ratios and Supplemental Data - Class NH-Premium T4 Units

2018 2017 2016a


$ – $ – $ –


1 1 1


0.90%* 1.00% 1.20%*


absorptions6

1.03%* 1.03% 1.20%*


0.06%* 0.06% 0.06%


28.23% 85.13% 54.01%














25


The Pool's Net Assets per Unit¹ - Class NH-Premium T6 Units

2018 2017 2016a



Total revenue $ 0.09 $ 0.31 $ 0.03

Total expenses (0.08) (0.15) (0.03)




$ 1.03 $ 1.25 $ 0.22

Distributions:






$ 0.31 $ 0.60 $ 0.15








Ratios and Supplemental Data - Class NH-Premium T6 Units

2018 2017 2016a


$ – $ – $ –


1 1 1


0.90%* 1.00% 1.20%*


absorptions6

1.03%* 1.03% 1.20%*


0.06%* 0.06% 0.06%


28.23% 85.13% 54.01%














26


The Pool's Net Assets per Unit¹ - Class O Units

2018 2017 2016 2015 2014 2013



Total revenue $ 0.10 $ 0.46 $ 0.35 $ 0.37 $ 0.25 $ 0.19

Total expenses (0.03) (0.06) (0.06) (0.05) (0.04) –




$ 3.34 $ 2.71 $ 1.52 $ 3.79 $ 3.31 $ 2.69

Distributions:

From income (excluding dividends) $ 0.29 $ 0.23 $ 0.24 $ 0.20 $ 0.12 $ 0.10

Fromdividends – – – – – 0.01




$ 0.29 $ 0.23 $ 0.24 $ 0.20 $ 0.12 $ 0.11













Ratios and Supplemental Data - Class O Units

2018 2017 2016 2015 2014 2013


$ 147,223 $ 143,782 $ 148,742 $ 154,721 $ 155,081 $ 136,005


5,780,017 6,397,981 7,400,188 8,186,592 10,025,349 11,032,915


0.00%* 0.00% 0.00% 0.00% 0.00% 0.00%


absorptions6

0.05%* 0.06% 0.03% 0.03% 0.02% 0.02%


0.06%* 0.06% 0.06% 0.06% 0.05% 0.11%


28.23% 85.13% 54.01% 56.31% 44.90% 82.46%













27


The Pool's Net Assets per Unit¹ - Class OH Units

2018 2017 2016a



Total revenue $ 0.10 $ 0.35 $ 0.03

Total expenses (0.03) (0.05) (0.01)




$ 1.26 $ 1.45 $ 0.24

Distributions:






$ 0.13 $ 0.11 $ –








Ratios and Supplemental Data - Class OH Units

2018 2017 2016a


$ – $ – $ –


1 1 1


0.00%* 0.00% 0.00%*


absorptions6

0.00%* 0.00% 0.00%*


0.06%* 0.06% 0.06%


28.23% 85.13% 54.01%













and the greater the chance of an investor receiving taxable capital gains in the year. There is not necessarily a relationship between a high turnover rate and the performance of a fund..

28


Management Fees

The Pool pays CAMI an annual management fee to cover the costs of managing the Pool. Management fees are based on the net asset value of

the Pool and are calculated daily and paid monthly. Management fees are paid to CAMI in consideration for providing, or arranging for the provision

of, management, distribution, and portfolio advisory services. Advertising and promotional expenses, office overhead expenses, trailing

commissions, and the fees of the sub-advisors are paid by CAMI out of the management fees received from the Pool. The Pool is required to pay

applicable taxes on the management fees paid to CAMI. Refer to the simplified prospectus for the annual management fee rate.

For Class O units, the management fee is negotiated with and paid by, or as directed by, unitholders or dealers and discretionary managers on

behalf of unitholders. Such Class O management fee will not exceed the Class F-Premium unit management fee rate.

The following table shows a breakdown of the services received in consideration of the management fees, as a percentage of the management

fees collected from the Pool for the period ended February 28, 2018. These amounts do not include waived fees or absorbed expenses.

Class A Units Premium Class Units

Premium-T4 Class

Units

Premium-T6 Class

Units

Class H-Premium

Units

Class H-Premium T4

Units

Class H-Premium T6

Units

Sales and trailing commissions

paid to dealers 51.83% 54.42% 0.00% 0.00% 0.00% 0.00% 0.00%

General administration,

investment advice, and profit 48.17% 45.58% 100.00% 100.00% 100.00% 100.00% 100.00%

.

Class C Units Class I Units

Class F-Premium

Units

Class F-Premium T4

Units

Class F-Premium T6

Units

Class FH-Premium

Units

Class FH-Premium

T4 Units


paid to dealers 50.86% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%



.

Class FH-Premium

T6 Units

Class N-Premium

Units

Class N-Premium

T4 Units

Class N-Premium T6

Units

Class NH-Premium

Units

Class NH-Premium

T4 Units

Class NH-Premium

T6 Units


paid to dealers 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%



.

.

Past Performance

The performance data provided assumes reinvestment of distributions only and does not take into account sales, redemption, distribution, or other

optional charges payable by any unitholder that would have reduced returns. Past performance does not necessarily indicate how a fund will

perform in the future.

The Pool’s returns are after the deduction of fees and expenses, and the difference in returns between classes of units is primarily due to

differences in the management expense ratio. See Financial Highlights for the management expense ratio.

.

Year-by-Year Returns

These bar charts show the annual performance of each class of units of the Pool for each of the periods shown, and illustrate how the performance

has changed from period to period. The bar charts show, in percentage terms, how much an investment made on September 1 would have

increased or decreased by August 31, unless otherwise indicated.

29


Class A Units

-15.5%

-19.8%

0.9%

5.8% 6.3%

24.2% 23.1%20.2%

4.6%

10.5%13.4%

08 09 10 11 12 13 14 15 16 17 18a

40%

20%

0%

-20%

-40%

a2018 return is for the period from September 1, 2017 to February 28, 2018.

Premium Class Units

2.8%

10.8%

13.6%

16a

17 18b

20%

15%

10%

5%

0%

a2016 return is for the period from May 31, 2016 to August 31, 2016.

b2018 return is for the period from September 1, 2017 to February 28, 2018.

Premium-T4 Class Units

2.5%

9.6%

12.8%

16a

17 18b

20%

15%

10%

5%

0%



30


Premium-T6 Class Units

2.5%

9.9%

12.8%

16a

17 18b

20%

15%

10%

5%

0%



Class H-Premium Units

2.1%

11.7%

9.5%

16a

17 18b

20%

15%

10%

5%

0%



Class H-Premium T4 Units

2.2%

11.7%

8.5%

16a

17 18b

20%

15%

10%

5%

0%



31


Class H-Premium T6 Units

2.1%

11.7%

9.3%

16a

17 18b

20%

15%

10%

5%

0%



Class C Units

-15.0%

-19.3%

1.6%

6.6% 7.1%

25.1% 24.0%21.0%

5.4%

10.7%13.5%

08 09 10 11 12 13 14 15 16 17 18a

40%

20%

0%

-20%

-40%


Class I Units

-14.1%

-18.3%

2.7%

7.8% 8.4%

26.5% 25.4%22.4%

6.7%

12.0%14.1%

08 09 10 11 12 13 14 15 16 17 18a

40%

20%

0%

-20%

-40%


32


Class F-Premium Units

2.9%

11.9%

14.2%

16a

17 18b

20%

15%

10%

5%

0%



Class F-Premium T4 Units

2.7%

10.6%

13.7%

16a

17 18b

20%

15%

10%

5%

0%



Class F-Premium T6 Units

2.7%

11.2%

12.5%

16a

17 18b

20%

15%

10%

5%

0%



33


Class FH-Premium Units

2.3%

14.2%

10.7%

16a

17 18b

20%

15%

10%

5%

0%



Class FH-Premium T4 Units

2.4%

12.1%

9.6%

16a

17 18b

20%

15%

10%

5%

0%



Class FH-Premium T6 Units

1.8%

12.7%

9.6%

16a

17 18b

20%

15%

10%

5%

0%



34


Class N-Premium Units

2.7%

11.2%

13.8%

16a

17 18b

20%

15%

10%

5%

0%



Class N-Premium T4 Units

2.7%

10.6%

13.7%

16a

17 18b

20%

15%

10%

5%

0%



Class N-Premium T6 Units

2.7%

11.2%

13.7%

16a

17 18b

20%

15%

10%

5%

0%



35


Class NH-Premium Units

2.3%

12.6%

9.9%

16a

17 18b

20%

15%

10%

5%

0%



Class NH-Premium T4 Units

2.4%

12.1%

9.6%

16a

17 18b

20%

15%

10%

5%

0%



Class NH-Premium T6 Units

2.3%

12.9%

9.9%

16a

17 18b

20%

15%

10%

5%

0%



36


Class O Units

-13.3%

-17.7%

3.6%

8.8% 9.4%

27.7% 26.6%23.6%

7.6%

13.1%14.7%

08 09 10 11 12 13 14 15 16 17 18a

40%

20%

0%

-20%

-40%


Class OH Units

2.5%

14.2%

11.0%

16a

17 18b

20%

15%

10%

5%

0%



.

37

Renaissance U.S. Equity Private Pool.

.

.

.

.

.

.

.

.

.

Summary of Investment Portfolio (as at February 28, 2018).

The summary of investment portfolio may change due to ongoing portfolio transactions of the investment fund. A quarterly update is available by

visiting renaissanceinvestments.ca. The Top Positions table shows a fund’s 25 largest positions. For funds with fewer than 25 positions in total, all

positions are shown.

x

Portfolio Breakdown

% of Net Asset

Value

Information Technology 22.6

Financials 16.0

Consumer Discretionary 15.4

Health Care 14.2

Industrials 10.5

Energy 6.1

Other Equities 3.7

Consumer Staples 3.7

Materials 3.7

Utilities 2.9

Cash 1.1

Other Assets, less Liabilities 0.1

x

Top Positions

% of Net Asset

Value

Amazon.com Inc. 2.5

Alphabet Inc., Class 'C' 1.8

salesforce.com inc. 1.8

JPMorgan Chase & Co. 1.7

Bank of America Corp. 1.6

Starbucks Corp. 1.5

UnitedHealth Group Inc. 1.4

Facebook Inc., Class 'A' 1.4

Berkshire Hathaway Inc., Class 'B' 1.1

Cash 1.1

Oracle Corp. 1.0

Visa Inc., Class 'A' 1.0

Booking Holdings Inc. 1.0

Walt Disney Co. (The) 0.9

Intuitive Surgical Inc. 0.9

Nike Inc., Class 'B' 0.9

Twitter Inc. 0.9

Veeva Systems Inc., Class 'A' 0.9

Equinix Inc. 0.8

Schlumberger Ltd. 0.8

Red Hat Inc. 0.8

FleetCor Technologies Inc. 0.8

Northrop Grumman Corp. 0.8

Ecolab Inc. 0.8

State Street Corp. 0.8

A note on forward-looking statements

The management report of fund performance may contain forward-looking statements. Forward-looking statements include statements that are predictive in nature,

that depend upon or refer to future events or conditions, or that include words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “estimates”, or other

similar wording. In addition, any statements that may be made concerning future performance, strategies, or prospects and possible future actions taken by the

fund, are also forward-looking statements. Forward-looking statements are not guarantees of future performance. These statements involve known and unknown

risks, uncertainties, and other factors that may cause the actual results and achievements of the fund to differ materially from those expressed or implied by such

statements. Such factors include, but are not limited to: general economic, market, and business conditions; fluctuations in securities prices, interest rates, and

foreign currency exchange rates; changes in government regulations; and catastrophic events.

The above list of important factors that may affect future results is not exhaustive. Before making any investment decisions, we encourage you to consider these

and other factors carefully. CIBC Asset Management Inc. does not undertake, and specifically disclaims, any obligation to update or revise any forward-looking

statements, whether as a result of new information, future developments, or otherwise prior to the release of the next management report of fund performance.

Renaissance Investments

1500 Robert-Bourassa Boulevard, Suite 800

Montreal, Quebec

H3A 3S6

1-888-888-3863

Website

renaissanceinvestments.ca

CIBC Asset Management Inc., the manager and trustee of the Renaissance Private Pools, is a wholly-owned subsidiary of Canadian Imperial Bank of Commerce. Please read the

Renaissance Private Pools simplified prospectus before investing. To obtain a copy of the simplified prospectus, call 1-888-888-3863, email us at [email protected], or

ask your advisor.

Renaissance Investments® and Renaissance Private Pools® are registered trademarks of CIBC Asset Management Inc.

Renaissance Investments is offered by CIBC Asset Management Inc.

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